Lining the pockets of leaders and their friends is a cost-of-doing business in democracies. Yes, an economy would do better without that, but it very much does happen in all well-developed economies.
I can't find the exact quote now, unfortunately.
If you consider the most hated politician in the UK, Tony Bliar, he netted a personal fortune of estimated £20m. That’s a tiny fraction of what a dictator could amass in a far poorer country.
This type of statement is a logical fallacy (I'd like to know if it's formalized, and if so, what's the name), and I think it's one of the most common: "There is X in any country".
Of course there is X in any country, but can be a radically different quantity and quality of X between two countries.